NATIONAL REPORT—Lodging Partners, Mumford Company and CHC have all completed transactions. Here’s more on the recent hotel sales and financing deals:
Lodging Partners Complete Sale of the Best Western Point South
Lodging Partners LLC, a member of Hotel Brokers International, has completed the sale of the Best Western Point South—Yemassee, SC. The 108-guestroom hotel, located on I-95 near Ridgeland, SC, has sold to a regional owner/operator of select-service hotels. Lodging Partners exclusively represented the seller on this transaction, with the marketing and negotiations led by Ford Barton, principal, Lodging Partners LLC. The hotel has access to the Parris Marine Corps Academy, and Palm Key, among other area attractions. The property has an indoor heated swimming pool and on-site restaurant and lounge. This opportunity offers operating efficiencies and upside after the buyer completes a renovation.
Mumford Company Closes Sale of the Super 8 by Wyndham Gulfport, MS
Mumford Company represented the seller of the 95-unit Super 8 by Wyndham of Gulfport,
MS that closed on Sept. 18, 2020. Steve Kirby, managing principal of the Mumford Company of the company’s Atlanta office, along with Ed James, managing principal in the firm’s Newport News Headquarters and George Arvanitis, managing director Midwest in the firm’s Chicago office, represented Isha Hospitality LLC. in the transaction.
CHC Secures Construction Financing for Home2 Suites Wilkes-Barre
CHC Hotel Capital has financed $10.5 million for the construction of the Home2 Suites by Hilton in Wilkes-Barre, PA. The construction loan was placed with a finance company at 75% of total project costs. The initial loan term is set for 30 months. CHC crafted a customized solution to obtain financing in a challenging environment. This loan closed early 2020 and featured a guarantee of completion only. The 107-key property is positioned in a healthcare-centric market within four miles of more than 1,000 hospital beds. Local employers include TJ Maxx, Amazon, Mohegan Sun Casino, Lowe’s, Home Depot and Guard Insurance. Completion is set for late spring of 2021.